"United Mining and Chemical Company" | News | Advisor is completing financial audit of JSC UMCC

Advisor is completing financial audit of JSC UMCC
Advisor is completing financial audit of JSC UMCC

20.02.2020

BDO Corporate Finance, the advisor on privatization, has informed JSC UMCC, they are completing the financial audit of the company.
Vitaliy Strukov, Managing Partner at BDO Corporate Finance LLC stated: “We are planning to finish all audits within several weeks. All partners have pointed to high level of professionalism of the UMCC team and constructive cooperation in all audits and Due Diligence.”
JSC UMCC management also gave positive assessment of the cooperation with the advisor and adherence to the course towards privatization. “The specialists involved in the work with the advisor, have provided all required data for the auditor’s attention,” comments Oleksandr Gladushko, Acting Chairman of the Board of JSC UMCC
For the advisor to be able to complete audits of JSC UMCC in a time manner and propose conditions of tender and starting price of UMCC, the company’s management will continue to facilitate open cooperation with BDO Corporate Finance specialists, assured the head of the company. “After all, the ultimate goal we have been aspiring to achieve since the initiation of the UMCC project is transparent privatization and finding an investor specializing in the field. There is no other right vector of movement for the company,” stressed Oleksandr Gladushko.
The financial report will provide an opportunity to assess the financial condition of United Mining and Chemical Company, check its assets and current financial liabilities to the partners, contracting parties, banks, etc. This audit will serve the potential investor in assessing financial risks of such asset as JSC UMCC.
Previously, we reported about completion of the environmental audit. We also expect from the advisor the results of the legal, technical, operational and general audits that together will form the company’s profile. It will allow potential buyers to assess UMCC based on international standards.
Based on the all audits listed above, SWOT analysis and conclusions regarding competitive positions of JSC UMCC in the markets, the starting price of the company will be formed and the its presentation to the potential investors will be carried out.